US regulators have approved the $8.4 billion merger between Paramount Global (NASDAQ:PARA) and Skydance Media, bringing CBS, Paramount Pictures, and Nickelodeon under the control of David Ellison.
The deal, which was cleared by the Federal Communications Commission in a divided vote, follows Paramount’s $16 million settlement of a lawsuit filed by Donald Trump against the company and CBS News.
The FCC said it received assurances from Skydance to maintain journalistic impartiality and not pursue diversity, equity and inclusion programmes, which Trump opposes.
The merger ends the Redstone family’s decades-long control of the business, which has faced steep challenges amid the rise of streaming.
David Ellison will become chair and chief executive, with Jeff Shell named as president.